Learning, Consumption and Asset Markets

本项目由两部分组成。 第一种是理论上的， 内生债务约束作用的实证研究 以及这种限制对消费的影响， 资产市场定价。 第二部分是理论分析 在游戏中学习的研究 连接处松动 在这两个部分之间，学习是一种潜在的 对诸如以下资产市场现象重要解释 投机泡沫 这项研究非常重要，因为它连接了两个非常重要的 关于信贷市场的不同文献：不完全市场 文学与契约理论 这两个的合成 文献产生的模型，捕捉这两种方法作为特殊的 例 初步的理论和实证结果给出 不同的效率和政策影响， 传统的方法。

This project consists of two parts. The first is a theoretical and empirical investigation of the role of endogenous debt constraints in determining consumption, and the impact of such constraints on asset market pricing. The second part is a theoretical investigation of learning in games. There is a loose connection between the two parts in the sense that learning is potentially an important explanation for such asset market phenomena as speculative bubbles. This research is very significant because it bridges two very different literatures on credit markets: the incomplete markets literature and contract theory. The synthesis of these two literatures produces models that capture both approaches as special cases. The preliminary theoretical and empirical results give different efficiency and policy implications than the more traditional approaches.